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$3,600,000
Est. payment /mo
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Key Details
Property Type Commercial
Sub Type Land
Listing Status Active
Purchase Type For Sale
Subdivision North E
MLS Listing ID X12025690
Annual Tax Amount $3,759
Tax Year 2024
Property Sub-Type Land
Lot Depth 148.0
Lot Front 50.0
Property Description
This property prime for multi-storey residential redevelopment. Comprises 0.17 acres, to be sold together with easterly vacant 17 Highview Avenue W and PIN084560291 Wharncliffe Road S Parcels, which are separately listed for sale by third party. All three properties total 0.793 acres. High traffic area (over 34,000 Vehicles per Day), along Wharncliffe Road S. Adjacent to London's Golden Auto Mile (Wharncliffe Rd. S.), Just South of Commissioners Rd., W., which carries over 31,000 vehicles per day. Adjacent to 3 bus routes and multi-storey Venvi Living Retirement Residence. Amenity-rich area, including grocery stores, business centres, car dealerships, golf, parks, regional hospital, restaurants, and retail. 8 mins from Downtown London and much more. Subject property designed "Neighbourhoods". Both subject and 17 Highview and Avenue W require rezoning from current R1-9 uses. PIN084560291 Wharncliffe Road S. zoned for 40 metres of building height. Permitted uses include apartment buildings, lodging house class 2, Senior Citizens apartment buildings, handicapped persons apartment buildings, and continuum-of-care facilities. Public site plan review required for all three properties to ensure that development takes form compatible with adjacent uses. Subject property houses single-family home with 1,564 SF of total living space; thus opportunity for intermediate rental income, prior to redevelopment. Seller of this property has retained consultant with owner of PIN084560291 Wharncliffe Road S. & 17 Highview Avenue W. to prepare Proposal Summary for all three properties to be submitted for Pre-Application Consultation to set development parameters in principle with Municipality. London Plan Place Type boundary interpretation policy could allow all three properties to be considered under Urban Corridors Place Type. 15 storeys could be permitted based on Municipal Council approved amendment to London Plan. Final Provincial from approval from MMAH is forthcoming.
Location
Province ON
County Middlesex
Community North E
Area Middlesex
Zoning R1-9
Exterior
Utilities Available Available
Lot Frontage 50.0
Lot Depth 148.0
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Listed by ROYAL LEPAGE REAL ESTATE SERVICES LTD.